AI is making the rich richer: A rally in AI-related stocks has boosted the net worth of 30 of the world’s 500 wealthiest individuals on Bloomberg’s Billionaires Index by a combined USD 124 bn this year so far, Bloomberg reports.

By the numbers: The increased net worth of these 30 billionaires on the back of AI-related stocks accounts for 96% of the total wealth gained on the index of the world’s 500 richest people.

But, the gains may not be sustainable: The sheer magnitude of the stocks’ rally has raised questions over the market’s gains, with Bank of America strategist Michael Hartnett drawing parallels to the dot-com bubble of the late 1990s.

ALSO WORTH NOTING-

  • Wall Street appears to be all in on the shale industry, a sector that it had previously overlooked, reports Bloomberg. Oil companies are increasingly joining forces — including a USD 26 bn merger last week — to meet Wall Street’s demand for scale, efficiency and cash returns, ushering in a new era for the shale industry.

TASI

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MSCI Tadawul 30

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USD : SAR (SAMA)

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THE CLOSING BELL-

The TASI rose 0.4% yesterday on turnover of SAR 10.3 bn. The index is up 4.3% YTD.

In the green: Sidc (+10%), Americana (+9.8%) and Ayyan (+9.7%).

In the red: Chubb (-5.2%), Takween (-4.4%) and Lumi (-2.7%).

CORPORATE ACTIONs-

Tadawul-listed pipe manufacturer Amiantit is going ahead with a rights issue in a bid to raise the capital it needs to settle debt owed to Saudi National Bank. Amiantit separately said that Alinma Bank has forgiven debt Amiantit owes the lender in return for 100% of the manufacturer’s stake in subsidiary International Infrastructure Management and Operation. Shareholders will be asked to vote on the rights issue at an extraordinary general meeting on Tuesday, 20 February.

Wasatah Capital will distribute a dividend of SAR 0.40 to unitholders of Alwaha REIT fund for the second half of the year, it said in a disclosure to Tadawul. The payment date will be within 15 working days from a record date of Tuesday, 20 February.

City Cement will distribute a dividend of SAR 0.40 to eligible shareholders for the second half of 2023, it said in a disclosure to Tadawul. The payment date was set for Monday, 4 March.

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